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Monnet Ispat & Energy Ltd Management Discussions.

Established in 1990 Monnet Ispat and Energy Limited ("MIEL" or "the
Company"), has a de-risked business portfolio that encompasses manufacturing and
marketing of sponge iron, pellets, steel and ferro alloys. MIEL is a primary steel
producer with steel plants at Raigarh and Raipur in the state of Chhattisgarh.

During the financial year 2017-2018, the Corporate Insolvency Resolution Process
("CIRP") of the Company was initiated by the financial creditors of the Company.
The financial creditors petition to initiate the CIRP was admitted by the National Company
Law Tribunal, Mumbai Bench on 18th July, 2017. There has been a successful
resolution of the CIRP. as per Honble National Company Law Tribunal, order dated 24th
July 2018 ("NCLT Order"), under which there has been a change in the management
of the Company on 31st August 2018. CIRP process is detailed in Directors
report. A consortium of AION Investment Private II Limited and JSW Steel Limited
("Consortium") have invested in the equity share capital and Compulsorily
Convertible Preference Share (CCPs) of the Company thereby bringing in the desired
liquidity for smooth operation of the facilities of the Company. There has also been a
significant reduction in the debt profile of the Company.

1. GLOBAL ECONOMY

The year 2018 started on an optimistic note with global growth expectations pegged at
3.9%, driven by strong economic activity and policy-level interventions (Source: World
Economic Outlook (WEO) by International Monetary Fund (IMF), January 2018). In the first
half of CY2018, economic growth remained robust backed by the US fiscal stimulus plan
rolled out in December 2017 and the resilient Emerging markets. A steady global oil
consumption also supported the growth.

However, towards the second half of 2018, fears of trade wars among major economies,
especially between the US and China, weighed on the growth momentum significantly. In
addition to trade wars, geopolitical tensions across regions provided headwinds. The world
economy grew at 3.7% in 2018 (Source: WEO by IMF, April 2019), comparable to CY2017 levels
though below 3.9% expected at the start of the year.

Outlook

The IMFs revised 2019 growth forecast reflects the spill-over effects of softening
economic activities during the second half of calendar year (CY) 2018. IMF now estimates
global growth rate at 3.3%, lower from 3.6% previously. Growth is expected to soften in
the first half of 2019 and gradually pick up in the latter half. Improving overall
financial market sentiment, expectations of positive developments in the resolution of
trade wars, stabilisation in emerging markets, receding headwinds in the Eurozone and
policy stimulus in China are expected to drive an improved sentiment.

Region-wise growth and outlook estimates

Country / Region

CY2017

CY2018

CY2019

CY 2020

(%)

(%)

(%)

(%)

World

3.8%

3.6%

3.3%

3.6%

AMEs

2.4%

2.2%

1.8%

1.7%

EMEs

4.8%

4.5%

4.4%

4.8%

ASEAN

5.4%

5.2%

5.1%

5.2%

US

2.2%

2.9%

2.3%

1.9%

EU-28

2.7%

2.1%

1.6%

1.7%

China

6.8%

6.6%

6.3%

6.1%

Japan

1.9%

0.8%

1.0%

0.5%

Russia

1.6%

2.3%

1.6%

1.7%

India

7.2%

7.1%

7.3%

7.5%

Source: IMF

2. INDIAN ECONOMY

 7% Indias Economic Growth in Financial Year2019 (Source: CSO)

 77 Indias Ease of Doing Business Rank

 More than र 10 trillion each direct and indirect tax collections in Financial
Year2019

 7.3% Indias expected growth rate in Financial Year2020

India continues to hold the tag of the Fastest growing major economy

An exciting, yet testing time lies ahead for the Indian economy. Reforms such as Make
in India campaign in 2014, demonetisation in 2016, implementation of Goods and Services
Tax (GST) in 2017, among many others played a vital role in shaping and propelling the
economy. The country is yet to fully realise the impacts of the reforms that took shape in
the last few years.

India ranked 77th position in the World Banks Ease of Doing Business Index 2018. This
was a remarkable feat as the nation jumped up 23 positions to achieve this feat. Better
access to electricity, better avenues for credit and enterprise, and enhanced direct and
indirect tax payment mechanisms have played an instrumental role in this.

Indias Gross Domestic Product (GDP) increased by 7.2% in Financial Year 2017-18 and 7%
in Financial Year 2018-19 (Source: CSO). It continues to hold on to its position as the
third largest start up base in the world with more than 4,750 technology start-ups on its
soil.

Since 2012, Indias growth rate has continued to outperform the global growth trend

Year

Global GDP growth rate (%)

Indian GDP growth rate (%)

Difference

2012

3.52

5.46

1.94

2013

3.47

6.39

2.92

2014

3.58

7.41

3.83

2015

3.45

8.16

4.71

2016

3.23

7.11

3.88

2017

3.76

6.74

2.98

2018

3.94

7.36

3.42

Source: DSIJ Oct-Nov 2018

As reported by IBEF in April 2019, the mergers and acquisitions activity in India
witnessed US$ 129.4 billion in 2018 while private equity (PE) and venture capital (VC)
investments stood at US$ 20.5 billion.

The Union Budget 2019-2020 gave special mention on measures to improve the existing
social and physical infrastructure of the country. Such actions are expected to move the
economy high up on the development scale and provide benefits to all sectors.

To empower Indians at large and bolster every individuals purchasing power, Make in
India initiative is trying to advance the manufacturing sector. The government aims to
make this sector take up 25% of GDP as opposed to the current share of17%.

Similarly, the Digital India initiative will provide digital infrastructure to perform
and provide services and make the nation emerge as a digitally literate nation.

The government is expected to focus on faster policy implementation, with
infrastructure segment taking up the cornerstone of this focus. The government is looking
at boosting private sector investments, which in turn will opti mise the overall growth.

During the year, eight core industries saw an overall growth of 2.7% with cement and
coal leading the march at 8% and 7.3% respectively. These eight sectors contributed 41% to
Indias Index of IndustrialProduction (IIP). Demand for long steel remain high due to
increase in housing and construction projects and rose by 4.9% in 2018.

The recent Union Budget expanded the fiscal deficit target to 3.4% Financial Year
2018-19 and Financial Year 2019-20. This was necessary due to higher expenses set aside
for support schemes towards farmers, income tax rebate and pension schemes for unorganised
sector workers. Indias forex reserves remained upwards of US$405 billion (as of when),
facilitated by growing merchandise export that has increased 8.85% y-o-y to US$ 298.47
billion and services exports that grew by 8.54% y-o-y to US$ 185.51 billion (source:
IBEF).

Outlook

Indias economy is expected to contribute 13.7% of the growth in global economy that is
higher than that of most advanced nations. The growth rate is expected to pick up to 7.3%
in Financial Year 2020 and 7.5% in Financial Year

2021(Source: IMF). High investments, stronger fiscal policies and robust consumption
will be the key growth drivers in the coming years. Through the year, other fundamentals
remained supportive for the economy, which has contributed to Indias fastest-growing
major economy status.

2019-2020 World Economy Growth Contribution (Intl$)

There has been a definite effort to balance growth with fiscal prudence. However,
increased effort is needed if the nation wants to make its investment position stronger
and maintain its fiscal deficit within target range at the same time. The need to keep the
fiscal numbers within range is the result of budgetary allocations to social sectors, need
to cut taxes and increased infrastructure spending.

The government should chart a roadmap to attract more private investors and manage its
public finances effectively. The need of the hour is to make the right policy decisions so
that there is the right mix in fiscal expenditures and incentivise private players in a
way so that they stand to gain in the long run.

3. GLOBAL STEEL INDUSTRY Robust growth in CY2018

Global steel demand grew by 4.9% in 2018, largely driven by a better-than-expected
finished steelconsumption in China, coupled with an investment-led recovery in the
advanced economies.

Global crude steel production reached 1,808.6 million tonnes in 2018, up 4.6% from 2017
levels. The rising production pushed capacity utilisation rates above 70%. Crude steel
production increased across regions in 2018, except in the EU and Japan, which saw a 0.3%
contraction (source: Worldsteel).

US trade protection shifts global steel market dynamics

The US proclaimed Section 232 on imports of steel and aluminium by imposing a 25% and
10% duty, respectively, for select countries including India, citing national security
concerns.

The US advocacy to promote domestic steel for domestic consumption has led to a growing
threat of trade diversion, igniting a global trade friction spanning China, Europe and

Turkey and is likely to spill over to other economies and trade beyond steel.

Supply-side structural reforms by China to streamline capacities

China has taken a conscious call to close excess and inefficient capacities across
various core sectors including steel and coal. Between 2016 and 2020, the country has set
a steep target of closing down 200 MT of inefficient capacity. In 2017, China closed down
55 MT of steel and 30 MT of coal capacities in 2018. This, coupled with the restructuring
of the 140 MT induction furnace capacities, has helped market sentiment, pricing power,
and bottom-lines of most Chinese steel producers.

Outlook for moderate expansion

World steel expects that global demand for steel to grow by 1.3% in 2019 and 1.0% in
2020. As far as steel production is concerned India is the second largest producer of
crude steel followed by China. Indias crude steel production in 2018 was at 106.5 MT, up
by 4.9% from 101.5 MT in 2017. Japan produced 104.3 MT in 2018, down 0.3% compared to
2017. This points to prove that India replaced Japan and is now ahead of the curve.

4. INDIAN STEEL INDUSTRY

Indias financial years 2019 crude steel production grew by 3.3% YoY while the
apparent finished steel consumption grew by 7.5%. Imports during this period surged by
4.7% YoY and exports declined by 33.9% YoY. Steel consumption was primarily driven by
government expenditures on infrastructure (the central and state governments infra
spending pegged at र 7-8 lakh crore). The infrastructure, construction and real estate
sectors account for 60-65% of domestic steel consumption. The Smart Cities programme is a
key demand driver. 1.29 million houses were built under the Pradhan Mantri Awaas Yojana
(affordable housing). Rural development projects are also contributing to the uptick.

Performance highlights - Indian Steel Industry

(Source: Joint Planning Committee Report, March 2019)

In financial year 2019, steel production was 106.56 MT representing annual growth of
3.3 %.

. Hot metal production was 72.63 MT, an increase of 6.8%.

Pig iron production was 6.06 MT, up by 5.7%.

Total finished steel gross production was 131.57 MT, an increase of 3.7%.

Export of total finished steel reached 6.36 MT, a decrease of 33.9%.

Import of total finished steel was 7.83 MT, an increase of 4.7%. This displaces 15% of
flat steel demand, 9% of total Indian steel demand and most significantly, poses a threat
to over 2,30,000 jobs across direct and indirect employment associated with Indian steel
industry.

Indian exports plummet to 26% to 8.5 MT in 2018-19 due to rising trade tensions across
the globe, making India a net importer of steel.

Per capita consumption is up from 69-Kg to 73-Kg while share of flats remains steady at
46%. The growth of flat products witnessed a growth of 4.2% and long products at 10.4%.

Consumption of total finished steel was 97.54 MT, an increase of 7.5%.

Infrastructure sector

I ncreased spending in infrastructure projects increased the countrys overall steel
demand. It increased by 7.5% and stood at 97.52 million tonnes. Infrastructure,
construction and real estate sector comprise 60-65% of steel demand. Housing projects such
as Pradhan Mantri Awaas Yojana, construction projects such as Smart Cities programme are
helping the uptick.

Worldsteel forecasts that Indias steel demand will surpass that of United States. The
demand is expected to be more than 7% in the next two years. The demand is projected to
grow to approx. 100-105 MT, with per capita consumption improving to 75-76 kg. What
bothers the steelmakers are lower domestic prices and cheaper imports. Major steelmakers
have proposed to i nstate stronger border controls and stricter quality checks to overcome
this threat.

Outlook

India continues to remain a bright spot and has the distinction of witnessing the
highest growth rate in steel consumption among major steel consuming markets. This,
admittedly, has also made India a magnet to attract higher imports from steel surplus
economies, especially from countries like Japan and South Korea who enjoy a Free Trade
Agreement.

In India, a strong momentum in government spending on infrastructure is driving an
increase in Gross Fixed Capital Formation (GFCF), this is likely to get an impetus with
government policies. While IIP and manufacturing PMI have weakened recently, and
automotive and consumer durables production have corrected sharply, there is an
expectation of improvement in H2 financial year 2020. Government is likely to take
measures to spur investment and end user demand.

The government announced outlays of र 1 lac crore in the Interim Budget is expected
to spur rural spending and aid overall consumer demand. Further expectations of a normal
monsoon bode well for the rural demand. As a result, the Company expects 6.5% - 7% steel
demand growth for Financial Year 2020 in India.

Opportunities and threats

Several initiatives in the construction, infrastructure and automotive space has
forward and backward linkages with the steel industry. These links will catalyse the
countrys total steel demand in the next fiscal.

The fortune of the steel industry is proportionate to the swings in other sectors such
as automobile, infrastructure, consumer durable, sectors that generate high steel demand.
Availability of raw materials and cheap labour makes this industry cost effective. The
country produces its own iron ore as well. The countrys steel demand has been on a rise.

However, the country witnessed unprecedented steel imports from several countries such
as China, Japan, Russia and South Korea. Free trade agreement between India and Japan and
South Korea eased the process of steel imports. Consequently, the domestic steel industry
suffered resulting in high price cuts. The growing imports into India on account of trade
diversion is matter of concern. Since, certain trade remedial actions have become
irrelevant, imposition of safeguard duty is the need of the hour to stop such imports and
corresponding injury to the domestic industry.

The government is expected to continue its long-term vision of giving impetus to the
steel industry. Since the steel industry is closely linked to other industries,
development of steel industry influences the national economic development.

5. FINANCIAL REVIEW

The Company is engaged in steel business. Brief performance of the Company (standalone)
is as follows:

Total comprehensive income for the period comprising profit / (loss) and other
comprehensive income for the period.

(3,494.15)

(1,931.80)

80.88%

Financial performance

During the year, the Company recorded a net loss of र (3461.11) crores (previous
year: loss of र (1900.96) crores). The Companys PBDIT was र 27.68 crores in the
financial year ended 31st March, 2019 as opposed to a PBDIT of र 72.84
crores. PBDIT for the current year was lower as compared to previous financial year as
PBDIT generated out of Pellets, DRI, and structural steel was offset by operating loss on
commencement of steel operations at Raigarh unit.

Taking into account deprecation and interest cost, profit before tax (PBT) stood at
(र 3461.11) crores as against (र 1900.96) crores in the previous year and total
comprehensive income for the year was (र 3494.15) crores against (र 1931.80) crores in
the previous financial year.

The analysis of major items of the financial statements is given below:

a) Net sales and operating income

(र in Crores)

FY 2018-19

FY 2017-18

Change (?)

Change %

Domestic Turnover

1796

1342

454

34%

Export Turnover

76

69

7

11%

Total Turnover

1872

1411

461

33%

Other Operating Revenues

7

8

(1)

(13)%

Revenue from operations

1879

1419

460

32%

Other Income

27

12

15

125%

Total income

1,906

1,431

475

33%

During the financial year under review revenue from operations increased as compared to
previous year due to higher sales of sponge iron and sales of pellets on account of
re-start of pellet plant. Increase in other income is due to receipt of interest on fixed
deposits with Bank.

b) Materials

(र in Crores)

FY 2018-19

FY 2017-18

Change (?)

Change %

Cost of materials

1,478

1,072

406

38%

consumed

Cost of materials consumed increased due to increase in sponge iron production and
restart of Pellet Plant, Blast Furnace, SMS and Bar Mill in Raigarh unit during the year
under review.

c) Employee benefits expense

(र in Crores)

FY 2018-19

: FY 2017-18

Change (?)

Change %

Employee benefits expense

89

80

9

11%

Increase in employee benefits expenses is largely on account of additions in employees.
As on 31st March, 2019, the Company had 2295 direct employees apart from
contract workforce.

d) Depreciation and amortisation expense

(र in Crores)

FY 2018-19

: FY 2017-18

Change (?)

Change %

Depreciation and amortisation

276

352

(76)

(22)%

The reduction in depreciation charges is on account of lower depreciation due to
impairment of property plant and equipment during the year under review.

e) Other expenses

(र in Crores)

FY 2018-19

: FY 2017-18

Change (र )

Change %

Other Expenses

311

170

141

83%

Other expenses increased primarily on account of increase in power and fuel cost,
repairs and maintenance and other manufacturing expenses arising on account of
commencement of Pellet Plant, Blast Furnace, SMS and Bar Mill in Raigarh unit during the
year under review.

f) Finance costs

(र in Crores)

FY 2018-19

Change (र )

Change %

Finance costs

445

1,181

(736)

(62)%

Reduction in finance cost is mainly on account of lower interest charge pursuant to
implementation of resolution plan as approved by NCLT.

g) Exceptional items

(र in Crores)

FY 2018-19

Change (र )

Change %

Exceptional items

2,768

441

2,327

528%

The increase in exception items is on account of impairment/write-off of certain assets
and write-back of certain liabilities during the year under review.

Impairment/ (reversal of provision for impairment)

Write off/ (write back)

Property, Plant and Equipment and capital work in progress

2,403

27

Investments

69

715

Inventories

79

-

Trade Receivables

51

Loans and Other Receivables

564

238

Plant start up expenses

27*

Reversal of provision for Impairment of Non Current Investments

(197)

-

Provision for doubtful trade receivables reversed

(35)

-

Liability for current and non current borrowings written back

-

(1,008)

Trade payables and other current liabilities written back

-

(165)

Total

2,884

(116)

* Charged to statement of profit and loss.

h) Fixed assets

(र in Crores)

FY 2018-19

FY 2017-18

Change (र )

Change %

Tangible assets

3,373

6,017

(2,644)

(44)%

Capital work-inprogress

154

166

(13)

(8)%

Total

3,525

6,183

(2,657)

(43)%

The reduction in fixed assets is mainly on account of impairment of property, plant and
equipment and capital work in progress during the year under review.

i) Investments

(र in Crores)

FY 2018-19

:FY 2017-18

Change (र )

Change %

Investments in subsidiaries, associates and joint ventures

-

587

(587)

(100)%

Other Investments

1

35

(34)

(97)%

Total

1

623

(622)

(100)%

The reduction in total investments is mainly on account of impairment/write-off of
certain investments in subsidiaries, joint venture and associates due to non
recoverability of investments.

j) Inventories

(र in Crores)

FY 2018-19

FY 2017-18

Change (र )

Change %

Raw Materials

188

151

37

25%

Work-in-Progress

6

3

3

108%

Semi Finished/

350

103

247

240%

Finished Goods Production

75

64

12

18%

Consumables and Stores & Spares Stock in trade

40

40

100%

Total

659

321

339

105%

Increase in inventories is mainly on account of stocking of raw materials and finished
goods due to commencement of Pellet and finished steel operations in Raigarh unit.

k) Trade receivables

(र in Crores)

1

FY 2018-19

FY 2017-18

Change (र )

Change %

Total Debtors

48

97

(49)

(51)%

Less: Provision for doubtful debts

(2)

(37)

35

(94)%

Total Receivables

46

60

(14)

(24)%

Decrease in trade receivables is on account of reduction in collection period and write
off of certain trade receivables.

l) Details of significant changes (i.e. change of 25% or more as compared to the
immediately previous financial year) in key financial ratios, along with detailed
explanations;

(र in Crores)

Key Ratios

FY 2018-19

FY 2017-18

Change in %

(i) Debtors Turnover (days)

10.29

20.25

(49)%

(ii) Inventory Turnover (days)

129

87

30%

(iii) Interest Coverage Ratio

0.03

0.06

(48)%

(iv) Current Ratio

2.38

0.50

374%

(v) Debt Equity Ratio

1.11

*

*

(vi) Operating Profit Margin (%)

0.05

4.28

(99)%

(vii) Net Profit Margin (%)

(184.16)

(133.96)

37%

 Debt Equity ratio has not been computed for FY 2017-18

due to negative equity in FY 2017-18.

Reason for change in above key ratios

 Debtors Turnover has improved due to reduction in collection period

 Inventory turnover increased on account of stocking of raw materials and
finished goods on account of restart of steel making operations at Raigarh

 Interest Coverage Ratio decreased due to lower interest charges pursuant to
implementation of resolution plan as approved by NCLT.

 Current Ratio increased on account of reduction in creditors pursuant to
implementation of resolution plan as approved by NCLT

 Debt Equity Ratio - Debt equity ratio is at 1.11 on account of increase in
equity share capital and reduction of borrowings as compared to previous year as per
approved resolution plan.

The DRI units at Raigarh and Raipur unit DRI plant were in continuous operation at time
of acquisition of management control by the Consortium on 31st August 2018
pursuant to the of the Honble NCLT order. Post-acquisition of management control,
operations of Raigarh Pellet plant was started in October 2018 and production was ramped
up to around 90% of installed capacity. Cost control measures were

initiated in Raipur and Raigarh plant. Measures are being taken to increase the Pellet
plant capacity to 2.50 MTPA in Financial Year 2019-2020, with marginal investment which
will further reduce cost of production. In the month of February 2019, the Company started
integrated steel production through blast furnace (for iron making), electric arc furnace
(steel making), ladle refining, continuous casting and bar mill rolling. The management is
working towards investing in equipment upgradations with the objective of producing value
added steel (long) products for applications in automobile sector, energy, railways and
general engineering. With this the Company is expected to enter into the value added
market by the end of current financial year.

Synergy from JSW Steel

Apart from the infusion of capital, the Company derives synergistic benefits from JSW
Steel Limited (JSW). The Company will get the benefits of know-how expertise, training and
marketing support from JSW which is already present in the value added steel market.

The Company also benefits from JSW Steels centralised procurement of raw materials and
capital shipments to optimise. The Company is planning to export special steel cast
products, to global customers potentially including JSW Piomdino Works (Italy).

Demand scenario

There is rising demand for speciality steel products in the Eastern, Northern and
Western markets. The Companys, plant in Chhattisgarh, is ideally located to cater to
these geographies driven by favorable cost of logistics.

Segment-wise or product-wise performance

The Company is engaged in the steel business, the details of which have been included
in the financial statements of the Company.

7. RISKS AND CONCERNS

Risk Management and Control System to ensure that the risks of the Company are
identified and managed effectively. The re-constituted management of the Company has
adopted risk management framework for identifying and evaluating risks and opportunities
that may have bearing on the organisation. The Company recognises that these risks needs
to be managed and mitigated to protect the shareholders and other stakeholders interest.

Although the entire steel industry is under threat due to steel imports from China,
Japan, South Korea and Russia yet consumption in expected to rise due to the boost in
infrastructure, construction and automobile sectors. The demand of steel in the capital
good sectors is expected to rise as well. The National Steel Policy, 2017, has envisaged

300 million tonnes of production capacity by 2030. The Indian Government is giving
increased focus to find new markets for Indian manufactured steel, trying to shift
industrys attention towards special steel production and increasing per capital steel
consumption.

8. INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY

The internal control systems include documented policies, checks and balances,
guidelines and procedures, that are supplemented by robust internal audit processes and
monitored continuously by periodical reviews by management to provides reasonable
assurance that all assets are safeguarded; transactions are authorized, recorded and
reported properly. Post-acquisition, the reconstituted Board/ Management is in the process
of further strengthening the internal controls framework with an objective to have a
best-in-class internal control framework commensurate with the size, scale and nature of
business.

9. HUMAN RESOURCE DEVELOPMENT

As on 31st March 2019, the Company had 2295 direct employees apart from
contract workforce.

The Company strives to provide a safe working atmosphere in the Company, where in every
employee can develop his /her own strength and deliver their expertise in the interest of
the Company.

CAUTIONARY STATEMENT

Statements in the Management Discussion and Analysis describing the Companys estimates
and expectations may be "forward-looking statements" within the meaning of
applicable securities laws and regulations. Actual results/ performance could differ
materially from those expressed or implied.

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